Charlie Miller, a Security researcher revealed information about a new vulnerability affecting IPhone, the vulnerability might be exploited remotely using SMS.
The IPhone is considered a secure device as it execute only signed code, and all programs are executed in sandbox.
The vulnerability "theoretically" could allow running un-signed code, with no user interaction and gain root access. The only working exploit for now will crash the phone.
The announcement of vulnerability was in Singapore yesterday, More details will be available in the coming Blackhat in Las Vegas in a few weeks.